MANAGEMENT

Detailed explanation-1: -A marketing strategy specifies the way marketing activities are planned and coordinated to achieve an organization’s goals. Products that consumers believe are similar but have significant price differences are price based goods.

Detailed explanation-2: -A marketing plan is a strategic document that specifies your organization’s target markets, marketing objectives, programs and activities to achieve them, expected timescales, resources to be utilized, according to defined budgets, and how success will be measured.

Detailed explanation-3: -A marketing strategy is a long-term plan for achieving a company’s goals by understanding the needs of customers and creating a distinct and sustainable competitive advantage. It encompasses everything from determining who your customers are to deciding what channels you use to reach those customers.

Detailed explanation-4: -Strategic marketing helps to fix products and services at the correct price based on information that is collected through market research. Through strategic marketing, organisations get to make the optimum utilisation of their available resources and market according to the organisation’s target and goals.

Detailed explanation-5: -Marketing strategy helps in discovering the areas affected by organizational growth and thereby helps in creating an organizational plan to cater to the customer needs. It helps in fixing the right price for organization’s goods and services based on information collected by market research.